Viking Posted July 18, 2018 Author Share Posted July 18, 2018 Ouch- that’s gotta hurt: https://www.google.com/amp/s/www.yahoo.com/amphtml/finance/news/wells-fargo-automated-high-net-worth-wealth-management-advisors-faced-sales-pressure-151535558.html Doesn’t make the sales pitch easier going forward, that’s for sure. I am wondering just how messed up this company is. The negative stories just keep coming... Link to comment Share on other sites More sharing options...
Spekulatius Posted July 19, 2018 Share Posted July 19, 2018 Ouch- that’s gotta hurt: https://www.google.com/amp/s/www.yahoo.com/amphtml/finance/news/wells-fargo-automated-high-net-worth-wealth-management-advisors-faced-sales-pressure-151535558.html Doesn’t make the sales pitch easier going forward, that’s for sure. I am wondering just how messed up this company is. The negative stories just keep coming... It appears like rotten to the core in terms of culture. Not worth investing in, imo and certainly not worth a premium to BAC. I think even C might be a better managed bank at this point. In the end, this all will mean years of forgone growth for WFC. Link to comment Share on other sites More sharing options...
John Hjorth Posted July 19, 2018 Share Posted July 19, 2018 I think it's important to keep the time frame of this "socalled "new" bad" story about the activities at WFC in mind. Link to comment Share on other sites More sharing options...
Guest longinvestor Posted July 19, 2018 Share Posted July 19, 2018 I am wondering if WFC goes the way of American Express, some 20 years ago. They spun off the investment management business into Ameriprise. I was a customer of Ameriprise, the bank portion was OK, the investment management part was also rotten. Hmmm...investment management=Rotten then, rotten now. Buffett promptly unloaded the Ameriprise stock. Wonder if this could be on the cards for WFC? Return to roots. Link to comment Share on other sites More sharing options...
Spekulatius Posted July 19, 2018 Share Posted July 19, 2018 I think it's important to keep the time frame of this "socalled "new" bad" story about the activities at WFC in mind. The time frame when these changes occurred in wealth management is the concerning part. It looks like they just ramped this up, after the problems at the bank gave surfaced and management was presumably fixing them. Now it seems that at the same time, they amped up the sales pressure at their investment advisory business to maybe compensate. Seems rotten at the core to me. Link to comment Share on other sites More sharing options...
oddballstocks Posted July 19, 2018 Share Posted July 19, 2018 I think it's important to keep the time frame of this "socalled "new" bad" story about the activities at WFC in mind. The time frame when these changes occurred in wealth management is the concerning part. It looks like they just ramped this up, after the problems at the bank gave surfaced and management was presumably fixing them. Now it seems that at the same time, they amped up the sales pressure at their investment advisory business to maybe compensate. Seems rotten at the core to me. That's definitely the culture. Link to comment Share on other sites More sharing options...
RadMan24 Posted July 19, 2018 Share Posted July 19, 2018 Take your rotten comments somewhere else. They're doing the right thing, fixing problems, getting back on track. All of these issues are minor fixes, makes for great negative headlines, and punitive commentary. Link to comment Share on other sites More sharing options...
oddballstocks Posted July 19, 2018 Share Posted July 19, 2018 Take your rotten comments somewhere else. They're doing the right thing, fixing problems, getting back on track. All of these issues are minor fixes, makes for great negative headlines, and punitive commentary. Have you ever worked anywhere with a toxic culture? A few platitudes and signs on the wall don't fix things. Not everything can be fixed by armchair quarterbacking... Link to comment Share on other sites More sharing options...
Jurgis Posted July 19, 2018 Share Posted July 19, 2018 Take your rotten comments somewhere else. ??? ::) ... Actually, don't. Link to comment Share on other sites More sharing options...
maxthetrade Posted July 19, 2018 Share Posted July 19, 2018 Well it takes time to turn an oil tanker, but if they can get their cost structure in line with those of the other big banks (and I can't see a reason why they shouldn't) than the stock is cheap and a better deal than BOA. I'll gladly add in the low fifties. Link to comment Share on other sites More sharing options...
Gregmal Posted July 19, 2018 Share Posted July 19, 2018 Take your rotten comments somewhere else. They're doing the right thing, fixing problems, getting back on track. All of these issues are minor fixes, makes for great negative headlines, and punitive commentary. Have you ever worked anywhere with a toxic culture? A few platitudes and signs on the wall don't fix things. Not everything can be fixed by armchair quarterbacking... I think it's even more evident at an institution like WFC or really any large bank. The branches don't really have a great association/relationship with corporate. The people there, for the most part, are paid poorly and know how much more the big wigs make. If something goes wrong, it's always them who get whacked first and they know it. They have to see all the branches and jobs being cut across the country which is likely a constant stress. I'd imagine less so now, but certainly not too long ago there was also a stigma attached to working for "the evil greedy banks". Not to mention the mood in the branches often resembles the excitement one has during activities like watching paint dry or water boil. Link to comment Share on other sites More sharing options...
sleepydragon Posted July 19, 2018 Share Posted July 19, 2018 Ouch- that’s gotta hurt: https://www.google.com/amp/s/www.yahoo.com/amphtml/finance/news/wells-fargo-automated-high-net-worth-wealth-management-advisors-faced-sales-pressure-151535558.html Doesn’t make the sales pitch easier going forward, that’s for sure. I feel they are doing the right thing. This is the Fidelity’s model. People who are complaining here is the “portfolio manager”/advisors, because their pay is going down. The old model is less cost efficient and the new model is better for most customers and lower costs. Nowadays customers are becoming more sophisticated and they know what products they want. For WFC, asset gathering and providing a lot of low costs products to customers is a better business model. Link to comment Share on other sites More sharing options...
Spekulatius Posted July 19, 2018 Share Posted July 19, 2018 Ouch- that’s gotta hurt: https://www.google.com/amp/s/www.yahoo.com/amphtml/finance/news/wells-fargo-automated-high-net-worth-wealth-management-advisors-faced-sales-pressure-151535558.html Doesn’t make the sales pitch easier going forward, that’s for sure. I feel they are doing the right thing. This is the Fidelity’s model. People who are complaining here is the “portfolio manager”/advisors, because their pay is going down. The old model is less cost efficient and the new model is better for most customers and lower costs. Nowadays customers are becoming more sophisticated and they know what products they want. For WFC, asset gathering and providing a lot of low costs products to customers is a better business model. This is fine, when WFC would be upfront about it. At least with Fidelity, the product is in fact low cost and generally, Fidelity funds or ETFs are OK. I am not in the high networth bucket, but customer service is good too and you get a human on the phone very quickly. I have and investment account to WFC too and that it definitely not the case with them. I am only stick around with WFC because of the 100 free trades with the PMA (grandfathered) and recently I am questioning even that. The problem with WFC is that claim to sell and individualized product, but it’s really an apparently poorly reforming roboadvisor. Is there any reason to stick around with them as a customer or working as a financial advisor for WFC after you read this article? Link to comment Share on other sites More sharing options...
sleepydragon Posted July 19, 2018 Share Posted July 19, 2018 From what I heard, there is a lot of evil financial advisors. A huge percentage of them try to make money by getting the clients to trade more. A lot of them don’t act for the best interests of the clients. The whole industry is rotted like this. Doing this is good for customers as things are more standardized, and WFC won’t get into trouble. Certainly there are execution challenges, but over time these problems are fixable. The old model is probably very profitable for these advisors but not very profitable for shareholders and can’t scale to very big size. Link to comment Share on other sites More sharing options...
John Hjorth Posted July 20, 2018 Share Posted July 20, 2018 I think it's important to keep the time frame of this "socalled "new" bad" story about the activities at WFC in mind. The time frame when these changes occurred in wealth management is the concerning part. It looks like they just ramped this up, after the problems at the bank gave surfaced and management was presumably fixing them. Now it seems that at the same time, they amped up the sales pressure at their investment advisory business to maybe compensate. Seems rotten at the core to me. Spekulatius, Based on your post I've reread the article on Yahoo Finance today. It appears to me now, that I've got the last part of the article totally wrong while reading it the first time, sorry. Link to comment Share on other sites More sharing options...
sleepydragon Posted August 5, 2018 Share Posted August 5, 2018 Well Fargo employees won record mega lottery https://www.nbcconnecticut.com/news/national-international/Santa-Clara-Co-Office-Pool-Wins-543M-Mega-Millions-Jackpot-490005261.html?_osource=SocialFlowFB_CTBrand Link to comment Share on other sites More sharing options...
sleepydragon Posted August 7, 2018 Share Posted August 7, 2018 ”All 11 winners work for the bank on Branham Lane, where customers poured in Monday to congratulate them. And the winners must love their jobs, because even after they won the $543 million jackpot last month, they said they planned to keep working. Several of the employees were back at work Monday. Customers said the office definitely has a different vibe. ” https://www.nbcconnecticut.com/news/national-international/Mega-Millions-Winners-Return-to-Work-at-Wells-Fargo-in-San-Jose-490197331.html?_osource=SocialFlowFB_CTBrand Link to comment Share on other sites More sharing options...
Jurgis Posted August 7, 2018 Share Posted August 7, 2018 ”All 11 winners work for the bank on Branham Lane, where customers poured in Monday to congratulate them. And the winners must love their jobs, because even after they won the $543 million jackpot last month, they said they planned to keep working... ... since they still can't afford a house in San Jose even with the winnings. 8) ;D :P JK, congrats and all that. Link to comment Share on other sites More sharing options...
Spekulatius Posted August 7, 2018 Share Posted August 7, 2018 These guys would be stupid to stay in CA. It is smart to keep working, until they have figured out what to do with that windfall. I also wouldn’t recommend to stick with their employer for advice managing their fortune. Link to comment Share on other sites More sharing options...
Jurgis Posted August 7, 2018 Share Posted August 7, 2018 These guys would be stupid to stay in CA. It is smart to keep working, until they have figured out what to do with that windfall. OT. Actually there are still some affordable and nice places in CA, especially if you don't need to work. Sinking large part of winnings into Silly Valley RE is probably not the best choice though. Link to comment Share on other sites More sharing options...
fareastwarriors Posted August 13, 2018 Share Posted August 13, 2018 Wells Fargo Tests Investor Patience With New Scandal Details https://www.bloomberg.com/news/articles/2018-08-12/wells-fargo-investors-patience-tested-anew-with-scandal-details Link to comment Share on other sites More sharing options...
dutchman Posted November 7, 2018 Share Posted November 7, 2018 guys what does the Dem house win mean for wfc's current predicament ? Will there now be more investigations which make it likely the growth cap will remain? Link to comment Share on other sites More sharing options...
rb Posted November 7, 2018 Share Posted November 7, 2018 Nothing. Link to comment Share on other sites More sharing options...
sleepydragon Posted November 16, 2018 Share Posted November 16, 2018 Any ideas why they are doing this? Wells Fargo Wants a Bigger Down Payment on That House in Greenwich https://finance.yahoo.com/news/wells-fargo-wants-bigger-down-100000466.html Link to comment Share on other sites More sharing options...
walkie518 Posted November 16, 2018 Share Posted November 16, 2018 Any ideas why they are doing this? Wells Fargo Wants a Bigger Down Payment on That House in Greenwich https://finance.yahoo.com/news/wells-fargo-wants-bigger-down-100000466.html this might be a little backwards the problem was more cultural than about the underwriting on the loans themselves before the latest headline crisis, Wells was already stepping in its own way, unfortunately, it looks to be getting worse Link to comment Share on other sites More sharing options...
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